Plans To Focus Retained Business on Trade Shows in Bitcoin,
Cryptocurrency and 3D Printing

May 29, 2014 08:45 AM Eastern Daylight Time

NEW YORK--(BUSINESS WIRE)--Mediabistro
Inc. (Nasdaq:MBIS) today announced that it has entered into a
definitive agreement to sell its editorial and e-commerce assets to
PGM-MB Holdings, LLC, a wholly-owned subsidiary of Prometheus Global
Media, for an aggregate purchase price of $8 million in cash. The assets
being sold consist of a number of blogs and websites and include the
Mediabistro job board and education unit. Mediabistro expects the
closing of the asset sale, which is subject to stockholder approval and
other customary closing conditions, to occur in the third quarter of
2014. In connection with the sale, Mediabistro plans to change its name
to Mecklermedia Corporation, subject to obtaining the requisite
stockholder approval to do so.

Mediabistro intends to file with the SEC and distribute to its
stockholders a proxy statement in connection with its solicitation of
stockholder approval at its annual stockholders meeting. Stockholders
are urged to read the proxy statement when it becomes available. The
proxy statement, which will contain additional details regarding the
proposed transaction, will be made available free of charge on the SEC’s
website and from Mediabistro.

“The new Mecklermedia will be able to significantly reduce debt, add
working capital and concentrate on being an international trade show
company concentrating in the fields of Bitcoin, cryptocurrency and 3D
Printing, which currently encompasses over 22 trade shows in 11
countries” stated Alan M. Meckler, Chairman and CEO of Mediabistro.

"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995:Statements in this press release that
are not historical facts are "forward-looking statements" under the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995.Such forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from
those described in the forward-looking statements.The
potential risks and uncertainties address a variety of subjects
including, for example:the ability to consummate the
proposed asset sale; the ability to obtain the requisite stockholder
approvals in a timely manner or otherwise; the diversion of management
time away from operations to complete the transaction; expenses and
costs association with the transaction that could affect results of
operations; actions taken by the company that may not be undone if the
acquisition is not consummated; recent turmoil and trading platform
closures in the Bitcoin market; the competitive environment in which
Mediabistro competes; Mediabistro’s ability to generate revenues from
its remaining business after the completion of the sale to Prometheus
Media Group, the unpredictability of Mediabistro’s future revenues,
expenses, cash flows and stock prices; Mediabistro’s ability to qualify
for listing on the OTCQX and comply with additional laws and regulations
applicable to companies whose securities are not listed on a national
securities exchange; the market liquidity for the company’s common stock
and the ability to sell the company’s common stock in the secondary
market.For a more detailed discussion of such risks and
uncertainties, refer to Mediabistro’s reports filed with the Securities
and Exchange Commission pursuant to the Securities Exchange Act of 1934.The forward-looking statements included herein are made as of the
date of this press release, and Mediabistro assumes no obligation to
update the forward-looking statements after the date hereof, except as
required by law.